The Professional Fiduciaries Bureau was created when Senate Bill 1550 (Figueroa, Chapter 491, Stats. 2006) was approved by the Legislature and signed into law by Governor Arnold Schwarzenegger in 2006. The Bureau’s mandate is to license and regulate non-family member private fiduciaries, including conservators, guardians, trustees and agents under durable powers of attorney as defined by the Professional Fiduciaries Act. Are You A Professional Fiduciary?

The Professional Fiduciaries Act requires that all private fiduciaries under the Act be licensed by July 1, 2008. The Act was amended by Senate Bill 1047 (Committee on Business, Professions and Economic Development, Chapter 354, Stats. 2007), effective January 1, 2008, to extend the licensure date to January 1, 2009 – but, it still prohibits a court from appointing a person on or after July 1, 2008 to carry out the duties of a professional fiduciary unless the person holds a valid license.

Private fiduciaries provide critical services to vulnerable seniors, disabled persons, and children. They manage matters involving these consumers’ daily care, housing and medical needs, and also offer financial management services ranging from basic bill paying to estate and investment management.

Requirements for initial licensing include passing an examination and completing thirty (30) hours of approved education courses (See Licensing Requirements and Pre-Licensing Education and Continuing Education Requirements), and earning fifteen (15) hours of continuing education credit each year for renewal. In addition, professional fiduciaries must abide by a new Code of Ethics that requires them to manage their clients’ interests responsibly and without conflict, and to closely guard against unnecessary disclosure of personal client information.